Need a Same-Day Business Loan? These Are the 6 Best Options

Same Day Payday Loans

The growth and success of any business depend on the availability of timely and ample funding. While in most cases, an organization follows a well laid out plan to generate the requisite funds for a specific business activity, there might be various instances when instant funds are required. At such times, availing the same-day business loans is the best choice for most organizations. These loans are quite similar to same day cash loans except that they are designed to meet the emergency business funding needs of the applicants. This loan option makes it possible for the applicants to get a specific amount of funding within a single day.

Just like instant pay day loans, there are several options available to applicants seeking same-day business loans. However, the following six options are the best to help the entrepreneurs get the requisite cash when they need it the most.

Short – Term Loans

Short term loans do not differ much from quick pay day loans as these can be availed by even by entrepreneurs with a bad credit history. Applying for these loans involves extremely limited paperwork and besides which the payments are made using a set structure. These loans are suitable for a wide range of business needs and money can be paid back by the borrowers through daily or weekly payments spread over a period of 3 to 18 months. Despite having a higher annual cost than regular long-term loans, this option is much popular as they can be easily applied for online and generally get approved on the same day of application.

Merchant Cash Advances

These same day loans are generally offered by online financing companies that provide a lump sum of capital to the applicants. These loans are generally extremely expensive but are still popular as they come with an assurance of an easy approval process and quick access to funds. The loan amount is repaid through automatic daily deductions or a pre-decided amount from the merchant account of the applicants. The loan also does not offer the applicants the freedom of changing merchant service providers. Most importantly, despite the ease of processing, the loan approval might take up to a week, although in several cases the approval may be granted within a lesser time.

Business Lines Of Credit

Business lines of credit provide the entrepreneurs with enough funds to meet a wide range of business needs. This is a relatively more flexible option than the same day pay day loans or other same day business loan options. The applicants gain access to a revolving capital which is almost similar to using a credit card except that the applicants are able to gain access to cash. Another major benefit of this loan option is that the applicants pay interest only on the actual funds drawn by them besides which availing such loans helps them to build their credit score in a relatively effortless manner.

Invoice Financing

This loan option is named so as it provides the applicants an immediate payment for their outstanding invoices at a cost. In such cases, the invoices act as the collateral which means that the applicants do not have to risk any of their other assets. However, the applicants get only about 50% to 90% of the total invoice amount as loan and the loan is repaid when the applicants receive the actual invoice payments from their client. In such cases, the applicants get to keep the remaining amount of the invoice after deducting the loan amount and the fees. In this respect, this loan option proves more beneficial than same day loans no fees.

Business Credit Cards

Business credit cards provide the loan seekers an easy access to a revolving line of credit which provides the benefit of instant cash availability to the applicants. This same day cash loan option makes it possible for the applicants to track, analyze and even categorize their various business expenses through monthly statements. Moreover, the applicants do not need to put up anything as collateral and need to pay the interest only for the funds that they actually draw.  That is why these loans are often compared to no strings attached instant payday loans availed by the working class people.

Business Charge Cards

Business charge cards are similar to business credit cards in many ways especially as they extend a line of credit to the applicants. People availing this loan do not have to worry about any preset spending limit and it comes with features like cash back and reward points. However, these loans come with the condition that they need to be paid in full at the end of every month which makes them quite like the quick payday loans. Missing a single payment might result in the borrowers being charged with a hefty fees or even their credit line being suspended. The applicants can get a charger card issued for them instantaneously or within one week.